Medical indemnity insurance for doctors: What you need to know!

May 25, 2021


RHI Agency Team

Doctors are an integral part of a stable society and it is in them we place a lot of our trust, belief, and faith even though they might be total strangers. They use their skills and knowledge in treating patients and making them feel better. This is not an easy job and doctors at high risk at each stage of the treatment. The outcome of even a small mistake or negligence can lead to serious legal suits and cost them a lot financially and career-wise.

Medical Indemnity and what it covers

Even a minor issue in the medical field can have large consequences and might even cost a doctor his license. Doctors are humans too and they need a safety net of protection. One way to protect the doctors from facing legal suits and loss of money is by buying Medical indemnity insurance for doctors.

A medical indemnity insurance policy protects a doctor or the medical clinic against any legal liability. The damages caused to a third party due to any negligence by the doctor during his service are covered by this insurance policy.

A medical indemnity policy will pay for the following:

  • Damages caused to a patient that has been caused due to any medical negligence during the doctor’s professional service period. The actual compensation to the patient or third party will be covered as per the judgment or awards.
  • All the costs for legal representation including investigation costs and defense of a claim
  • The extensions of this policy include the medical examiner’s expenses which may arise during an investigation.

Who needs medical Indemnity insurance?

A medical indemnity insurance policy is necessary for any professional who works in the U.S medical industry. Some of the professions to which this policy is mandatory are:

  • Surgeons
  • Physicians
  • Anesthesiologists
  • Chiropractors
  • Nurses
  • Pharmacists

The cost for medical indemnity insurance

The cost of medical indemnity insurance varies depending on the insurance agencies. Also, there are serval factors that need to be considered while calculating the cost. For example, in the U.S., each state has different rules, regulations, and cost on the insurance as a whole. A lot of variables and medical practices are accounted for while calculating the cost for a specific doctor.

The risk of different doctors varies depending on the type of treatment they provide. The risk for highly trained doctors who perform open-heart surgeries is very high compared to the ones who carry out nose swabs and provides treatment for normal flues.

The average cost of medical indemnity insurance can be somewhere around 7,500$ annually. But keep in mind that this may change depending on the type of doctor, the kind of treatments he/she provides, and a variety of insurance variables.

What does not come under the medical indemnity insurance policy?

While medical indemnity can save the doctors from monetary fines arising from minor negligence and mistakes, it not an all-around bulletproof jacket. This policy also has some limits and does not cover misrepresentations, sexual misconduct, and criminal acts.

Tail Insurance

A Tail insurance policy is very important and can be added to the main policy. The tail insurance policy will protect the doctor if any claims are made after the main policy’s coverage period ends.

What to look for while buying a Medical Indemnity insurance policy

A medical indemnity insurance policy can be a bit costly but is very essential especially in such a risky career. The policy and benefits will defer depending on the insurance agency you reach out to. Agencies like RH Insurance agency can help you choose the best policy for you.

As the medical indemnity insurance policy can change according to a doctor’s practice and the treatments they provide, the RH Insurance agency will first understand what kind of doctor you are and the treatments you perform.

The risk of the treatments will be analyzed by the experts in the agency and an affordable plan will be tailored for you. RH Insurance Agency has more than 20 years of experience in the insurance field and maintains top-notch service quality. So if you are a doctor and have not bought a medical indemnity policy, hurry up.

Being protected from these legal issues will allow you to practice medicine without any problems for a long time and help to treat more patients.


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